Investments in Partially Owned Entities (Tables)

12 Months Ended

Dec. 31, 2010

Investments in Partially Owned Entities (Tables) [Abstract]

Partially Owned Property Balance Sheet Schedule

	Consolidated
	Development Projects (VIEs)
	Held for and/or Under Development		Completed, Not Stabilized (4)			Completed and Stabilized			Other			Total
Total projects (1)		—		1			4			19			24
Total apartment units (1)		—		490			1,302			3,440			5,232
Balance sheet information at 12/31/10 (at 100%):
ASSETS
Investment in real estate	$	44,006	$	257,747		$	390,465		$	438,329		$	1,130,547
Accumulated depreciation		—		—			(18,471	)		(124,347	)		(142,818	)
Investment in real estate, net		44,006		257,747			371,994			313,982			987,729
Cash and cash equivalents		877		1,288			7,384			11,581			21,130
Deposits – restricted		1,115		922			3,205			8			5,250
Escrow deposits – mortgage		—		—			222			2,321			2,543
Deferred financing costs, net		—		2,800			412			505			3,717
Other assets		339		268			308			143			1,058
Total assets	$	46,337	$	263,025		$	383,525		$	328,540		$	1,021,427
LIABILITIES AND EQUITY
Mortgage notes payable	$	18,342	$	141,741		$	275,348		$	314,535		$	749,966
Accounts payable & accrued expenses		346		2,215			1,070			1,259			4,890
Accrued interest payable		1,294		521			605			1,531			3,951
Other liabilities		1,617		1,568			910			1,001			5,096
Security deposits		—		1,021			955			1,392			3,368
Total liabilities		21,599		147,066			278,888			319,718			767,271
Noncontrolling Interests – Partially Owned Properties		3,418		5,025			4,278			(4,730	)		7,991
Accumulated other comprehensive (loss)		—		(1,322	)		—			—			(1,322	)
EQR equity		21,320		112,256			100,359			13,552			247,487
Total equity		24,738		115,959			104,637			8,822			254,156
Total liabilities and equity	$	46,337	$	263,025		$	383,525		$	328,540		$	1,021,427
Debt – Secured (2):
EQR Ownership (3)	$	18,342	$	141,741		$	275,348		$	252,857		$	688,288
Noncontrolling Ownership		—		—			—			61,678			61,678
Total (at 100%)	$	18,342	$	141,741		$	275,348		$	314,535		$	749,966

(1) Project and apartment unit counts exclude all uncompleted development projects until those projects are substantially completed.

(2) All debt is non-recourse to the Company with the exception of $14.0 million in mortgage debt on one development project.

(3) Represents the Company’s current economic ownership interest.

(4) Projects included here are substantially complete. However, they may still require additional exterior and interior work for all apartment units to be available for leasing.

Partially Owned Property Income Statement Schedule

	Consolidated
	Development Projects (VIEs)									Other			Total
	Held for and/or Under Development			Completed, Not Stabilized (4)			Completed and Stabilized
Operating information for the year ended 12/31/10 (at 100%):
Operating revenue	$	4		$	6,344		$	25,607		$	55,928		$	87,883
Operating expenses		758			3,458			9,370			19,906			33,492
Net operating (loss) income		(754	)		2,886			16,237			36,022			54,391
Depreciation		—			—			12,239			14,882			27,121
General and administrative/other		51			—			127			92			270
Impairment		8,959			—			—			—			8,959
Operating (loss) income		(9,764	)		2,886			3,871			21,048			18,041
Interest and other income		23			—			10			30			63
Other expenses		(493	)		—			—			(548	)		(1,041	)
Interest:
Expense incurred, net		(925	)		(2,872	)		(6,596	)		(20,576	)		(30,969	)
Amortization of deferred financing costs		—			—			(753	)		(238	)		(991	)
(Loss) income before income and other taxes and discontinued operations		(11,159	)		14			(3,468	)		(284	)		(14,897	)
Income and other tax (expense) benefit		(31	)		—			—			(5	)		(36	)
Net loss on sales of land parcels		(234	)		—			—			—			(234	)
Net gain on sales of discontinued operations		711			—			—			34,842			35,553
Net (loss) income	$	(10,713	)	$	14		$	(3,468	)	$	34,553		$	20,386